Trax CEO Scott Nelson defines the biggest challenge in the logistics arena as the existence of “bad data.” “The supply chain information related to logistics is very susceptible to bad information, propagated from one place to the other without anybody realizing it,” he asserts.
And logistics transactions are more “fluid and complex” than other supply chain transactions, further amplifying the challenge. However, for Nelson, the issue does not hold much gravity. “We have cracked the nut on how to take inaccurate, incomplete and ambiguous information and turn it into good, safe, ‘drinkable’ information, or at least identify that it is not safe to use,” he claims. Trax’s voyage of over-a-decade from a consulting firm to a logistics data refinery hones their excellence in meeting the challenges of this industry.
The company digs into the financial, analytics, audit, risk and data management sections of the logistics space. It offers eight different logistics solutions centered on specific requirements. The key solution, Trax Open Platform, assists both shippers and logistics service providers in dealing with logistics data and the complexities involved. It cleanses the inaccurate and ambiguous data in a cloud-based big data refinery, making it beneficial for the client. “Our unique business model allows us to be the world’s first example of a vertical data refinery,” Nelson explains.
Our unique business model allows us to be the world’s first example of a protocol data refinery
Trax Technologies values transparency with its customers and offers trust worthy data, ultimately differentiating the company from competitors. “Our solutions are built to surpass the expectations of the industry,” Nelson explains. “Most people were shocked with the fact that the problems that they had were bigger than what they thought. But that is what we deal with everyday,” he adds.
Trax Technologies’ future includes the continual development of new products that leverage the company’s proprietary cloud-based logistics data refinery. “We have recently filed a patent on TraxScorea risk management scoring system for managing risk in logistics financial reporting.”By adding new products to the company’s offerings, Nelson expects to transform the marketplace and become the industry’s go-to leader for logistics data refining.